TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES
AND FINAIYCIAL STATEMENTS FOR THE YEAR ENDED
30 June 2024

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 June 2024
CONTENTS
Page
Trustees and Principal Advisers
Trustees, Report for the year ended 30 June 2024
3-10
Statement of Trustees, responsibilities for the year ended 30 June 2024
Independent Auditors, Reporl
12-14
Consolidated Statement of Financial Activities for the year ended 30 June 2024
15
Consolidated Balance Sheet as at 30 June 2024
16
College Balance Sheet as at 30 June 2024
17
Consolidated Cash Flow Statement for the year ended 30 June 2024
18
Lyotes to the Financial Statements for the year ended 30 June 2024
19-39
Consolidated Statement of Financial Activities for the year ended 30 June 2023
40

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES AND PRINCIPAL ADVISERS
Trustees, Members of College Council
Professor Dame Sally Davie%. Master
Profe4%or Loui%e Merrell. Vice-Ma%ter
Profes%or Catherine Barnard, Senior Tutor
Mr Richard Tun)ill. Senior Bursar
Ms Emma Davies, Junior BU￿ar
Profe%sor Samila Sen (until 3 February 20241
Dr Benjamin Spagnolo (until 3 Febrnary 2024)
Professor Caterina Ducati (until 3 February 2024)
Professor John Hinch
Professor Ntchola% Thomas
Profes%or Cameron Petrie
Profes%or Andrew Crawford
Dr Anne Toner
Professor David Tong
Profe4.%or Hugh Hunt (from 3 February 2024)
Dr Susan Daruvala (froni 3 February 2024)
Profe.$50r Michael Squire (from 3 February 20241
Secretary of the College Council
Dr Paul WingFfield
Bankers
Barclays Bank pl
Barclays Commercial Bank
PO Box 885
Mortlock House
Hi.%ton. Cambridgye CB24 9DE
Custodians
J. P. Morgyan Chase Bank, N.A.
Chase.%ide
Bournemouth
Dorset BH7 7DA
Property Advisers
Bidwells LLP
Bidwell House
Trumpinglon Road
Cambridge CB2 9LD
Solicitors
Mills & Reeve
Botanic Hou%e
100 Hill4 Road
Cambridge CB2 1 PH
Savills IUK) Lid
Olympic House
Doddinglon Road
Lincoln LN6 3SE
ndependent Auditor
Crowe U.K. LLP
55 Ludgale Hill
London. EC4M 7JW
Registered Address
Trinily College
Trinity Sireet
Cambridge CB2 1 TQ
Historic name according to the Royal Charter dated 19 December 1546:
COLLEGE OF THE HOLY AND UNDIVIDED TRINITY WITHIN THE TOWN AND UNIVERSITY OF
CAMBRIDGE OF KING HENRY THE EIGHTH'S FOUNDATION
Registered Charity Number: 1137604

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024
The memben% of the College Council, who are charity trustees I"Irustees'}, pre%enl their stalulory report and
audited con%olidated financial statenienls for the year ended 30 June 20?4.
Struclure, Governance and Management
Trinity College. CambridgFe, was founded in 1546 by King Henry Vlll. In October 2023. the Collegye had 190
Fellows (academic staff involved in teaching, research and admini.%lration) and 938 junior members in residence
1708 undergyraduates, 230 po%lgraduale%l.
The current Staiute% of the Collegye were niade under the Univerqilies of Oxford and Cainbridge Act 1923 by an
Order in Council dated 30 April 1926. Subsequent alieralion% have been made on variou4 dates by the procedure
sel out in the Sialules and in accordance with Section 7 ()f the 1923 Act.
The College ha% l O fully owned %ubsidiarie4 which are consolidated into Ihe4e accounl.s. Tliey are all e4labli%lied
for investment pury)oses.
Govern4nee
n accordance with the Sialule.%, the College is administered by the Colle&Je Council which norn]ally meets once
a week during Full Tenn and on occa%ion in the vacation%. Meniber.% of the Council are charily Iruslees under the
Charities Act 201 l. The Master, plu% thirteen Fellow%. four ex officio. serve a% member% of the CollegFe Council.
The charily truqlees receive no paymenl for their role a% trustee.%. Th¢ Council ha% Standing orde￿ gFoverningF Ils
meetings, and an Ordinance on conflict.% of interest. The Council sets down rule%, re¥ulalions and procedures
govemingF mo%t aspect% of College life, principally through enactingy or amending where appropriate College
Ordinances.
The Council is Iwiih limited exception%) %ubject lo review by a College Meeting, namely a meelingy of the Ma%ler
and Fellows. There are al least two College Meeting4 each year, Ihe Accounts Meeting following the audit and
the Annual College Meeiingi at which Inernbers of the Couiicil are eleLted Iihree each year, lo serve for three
years). Special College Meetin¥.% may be summoned by a procedure specified in the Sialute%.
The principal officer.% of the College include the Master (who is appointed followingy a proce4% where Ihe College
recommend% a name lo the Prime Mini.sler, who makes a recomniendation 10 Ihe sovereigFn). Ihe Vice-master {who
is elecled by the Fellow%). the Senior Tutor, and the Senior and Junior BuThaTh (all three appointed by ihe Council)
Ihese are all member% of the Council ex officio. Other officer% of the Collegye include the other Tutors. the Deans
of CollegFe and Chapel. the Librarian. the Lecturers, the Steward and the Chaplains.
Newly elected Ineinbers of the Council, who will as Fellows already be fainiliar wilh the Colle&ie's Statutes and
Ordinance%. receive a briefing on the duties of Tru4lee% from current College Officer% and the Secretary of the
College Council. Mernbe￿ of Council receive trainingTr and infonnalion lo keep Ihem infonned on sector is.%ue
and regulalory requireinents froin the College's soliciiors and auditor%. All meiiiber% of Council are required to
register any interests under the College's conflicts of interest policy.
The Collegye Council have considered care￿I]Y the principle% set out in the Charitie% Governance Code and are
satisfied Ihal in all material respects the governance arrangements for the ColleLFe are in liiie with tho* principle.%.
Committee&
There are a number of comniitlee% in the College. %ome standingi, %ome appoinled by the Council for a particular
purpose. Members of coniniitlees are appointed by the Council, and membership of standing commilleeq is
reviewed annually. The cominillees niake recommendations 10 the Council. and deci.4ions are taken by the
Council.
Financial and operdtional risk% are the respon%ibility of the Senior and Junior Bursarq respectively and are
reviewed by relevant College Conimiltees who report lo the College Council. Among Ihe%e are the Investment
Conimittee. the Expenditure Comniittee, the House Conimillee and the Audit Committee which between them
review all aspects of operational and fiiiancial perfonnance. financial governance and ri%k.
The Buildin¥s Committee ovepiee% the day-lo-day maintenance work and manage% the proLFramme of major
renewal4 and renovations across the College.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Structure, Covernance and Management (continued)
The College s Stipends Comin ittee and SiatT Committee recommend Ihe pay and remuneralion of Fellows and
Staff reqpecltvely for the approval of the CollegFe Council. The operation of the Stipends Commiltee 1% governed
by a College Ordinance, which provide.% that .%lipends of rnajor officeTh are reviewed by a special .4ub-commiltee
with no members who are themselves major officers.
The Educalion Cominitlee makes recomn)endations lo the Council re¥arding teaching staff, subjects and the
organisation of .studies.
There ]% a Liaison Coniniitlee, including several repre￿ntatIveS elected by the junior menibers of the College and
some Fellow% appoinled by the Council. whose remit 1% lo di.scuss and make recominendalions about rnatte￿ of
concern to junior membeTq. The Liaison Comm ittee's Ininutes are received by the Council.
The Staff Con5uliation Cominittee. chaired by the Master. is where elected representatives of the College's non-
academic staff meet wilh the Junior BUr￿r and Human Resource.$ Director lo discuss matters of interest lo staff
collectively. li reports a4 appropriate lo the Council and other College bodies.
Objectives and Activities
The object of Triiiily CollegFe 14 advancemenl for ihe public benefit of education. religion. learning and research,
primarily by the maintenance and development ot a College in ihe Univer%ily and City of Cambridge.
The College provide%, in conjunction with the University of Cambridge of which il 1% part, education for
undergyraduate and Eraduate student% which i% recognised internalionally as beingi of the highe.st .standard.
Bur.%arte% and studentships are provided. whev] needed, to both undergraduate and gyraduate member% of the
College of limited means, including some .%upport for underg?raduates through a bursary scheme operated in
conimon with the Untversity aiid the other Colle¥e%.
The CollegFe admits a.% nieniber% those %tudenl% and academics who have the Iiighest potential io benetil from the
educational and re%earch facilitie.% that the Collegye provides a.% a con¥lilueni collegye in Cambrid¥e unive￿ilY and
who Iherefore mu%1 salisfy hig,1) academic requirenient% t.or entry. The CollegJe ha% no geographical or religFiOUS
barriers lo entry - member% come from a very wide ranLye of backgrounds - and there are no age re%lriction%. save
that the CollegFe doe% not nornially adinil 4ludent% under the age of18 al entry.
Dependent on the succes5 of the Univer%ity for the College's objeci io be achieved, the College makes donations
to other colleges, Tru%ls ai)d in%litulions in the University with objecls similar lo its own. In particular. the Collegye
makes donation% lo the Cambridgye Tnxst and Ihe Isaac Newion Trusi. The l%aac Newton Trn%t was e.%tablished by
the College in 1988 and il %upport4 departn)ents, bodie% and individual% in the wider Univer%ity. The Trust is an
independenl charity which may shore some common tru%iees wilh ihe CollegFe. The CollegFe also under il.s Sialute
XL Vl from lime to linie make.4 donations lo charitte% in and around the City of CanibridLye. and to appropriaie
bodies in areas where il owns property.
The ¥reat majority of the acadeniic staff are Fellows of the College, elected in the variou% ways pre.￿ribed by ihe
College s Stalutes. As well as TeachiniJ
Siaff, Ihe Fellowship also includes Research Fellows (Junior and Senior).
certain %enior administrative ofticer%. sonie Profe.%sors in the Universily. and persons who have retired after long
%ervice in one or more of these roles.
The Council ha% given due regard lo the bFuidance on public benetil publi%hed by the Charity Commi55ion. and to
ils two key principle%, that there musl be identifiable benefit and Ihal the benefit musi be to the public or a %eciioii
of Ilie public. The Council 1% %ali.%fied that the object and activities of the College fully meet the public benefit
requirements during the year under reiwiew, as demon%traled by its increa%ed focu% on outreach and wideningy the
opponunilies lo acces8 to Cambridge Univer%ily educalion and by ils provision of educalion and research as
outlined in more detail below.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Achievements and performance
Educuticpn
The College admitted 191 undergraduate %ludents in October 2023 tor regular study from all backgrounds acros
Ihe wide range of subject.% Studied in the Univer¥ily. A further Ihree %ludenl% were adn]itted for one year on
variou% exchange OT Vi.Sltor programnie.s. As u.sual, many %ludenl% (291 returned after graduation for ￿rther %ludy.
and the Collegie admitted a further 72 graduates froin other Universities to read for Master s degrees and/or
doctorate% in various subjecls. 20 students continued to a PhD after col￿pIe{ing a Master's degree. During the
year, junior m￿nber% achieved l 00 Master s degrees and 67 PhDs. Our .%ludenl body is international, with 79
nalionaliltes represented.
In 2023-24. 15 Trinity students canie lop of their individual Tripo%e.s. %ame as in 2022-23. Overall, Trinity
%ludents scored higher in 2023-24 than in previou.s year%. Although the overall picture is a positive one. d¢lailed
analysis suggyesls di%crepancie% amon￿1 variou% groups {e.g., widening parlicipalion, LJender. eihnieity), which
will require further work. The Academic. Profes%ional and Personal Progyramme aims lo offer support and
address existing gaps and the team are working with other colleges to explore opporlunilies for largeted.%upporl.
The College also came lop of the Tomkin.s table.
The College ha% extended the Trinity Maintenance Grant pilot scheme for one further year. for applicants
applying for entry in 2025-26, and remain.s conimitted lo ihe ambition for all Trinity students lo be able lo
¢oinpleie and enjoy their degrees withoul financial concerns. The College recognise% that many 4ludent.s are
from backgrounds which are under pres.%ure financially. particularly in the wake of increa%e.4 in the co%1 of
livinbF and aim% to give 4tudents the %ecurily to be able to benefil froiii the rich cultural. social and sportingy life
Cambridge ha% to offer.
Religi()n
The Stalules of the College state thai the Council shall Tnake provision for Ihe celebration of Divine Service in the
Collegie Chapel. a tradition which has continued lo flouri%h during, the year under review. Tlie regular services
duringtr Full Tenn of ihree Choral Even.songs. logeiher with service% of Compline and Eu¢hari%l. continued to be
well altended by inember¥ of the CollegFe coinmunily and visitor4.
The Colleg?e supports its chordl tradition through the College Choir, which 1% central lo Ilie provision of Divine
Service in the Chapel and reache% out lo a worldwide community through the webca%1 of all choral .%ervices froin
the Chapel. In addition lo the regyular .services. weddingys. baptisms and niemorial service.s are often conducted
for member% of Ihe Collegye community.
The Dean and Chaplains are a central part of the College's welfare provision and see all Ineinbers of College on
mailer% of pe￿o￿al concern. whatever Iheir faith. The Chapel 1% al.40 a place of spiritual and ethical reflection, and
through ils leaching and through a host of aclivilie.% engaLFes studenls, Fellows and staff in consideration of the
implications of reltgious belief tor individual% and 40¢iely.
The College continues lo support the 31 parishes around the couniry for which it 1% Patron.
Learning
We are now back to pre-pandeniic levels of reader% in the Wren Library witli appoinlmenl.s fully booked acro%5
mucli of the summer of 20?3 and numbepi remained hig,h acro%5 the year with reader% calling up ileni% from all
parts of the Library and Archive holdingF.%. Reader% have al.%0 been keen to see several uncatalogiued parts of our
holdingy% wliich reaffirn)s the need lo en%ure all of our collections have adequate descriplions and findingy aids to
enable re%earch to take place.
Several Major events have taken place in the Library thi% year including the celebration of the Byron bicentenary
in April which culminated in a wreath-laying cereniony with di%lingut4hed guests including the Greek
Anibas.%ador and Arclibi%hops visiting, along￿ with Ihe Mayor of Missolonghi lo pay tribute. Thi% wa.¥ closely
followed by Ihe repalriation of four Gweaglal fisliingi %pear% owned by the Collegye to the La Perou%e community
in Au%lralia. Thi% was Ilie re.%uli of niany yeapi of work on behalf of the College and the Museum of Archaeology
and Anthropology where the spears had been on deposit since1914. The world's media descended on the Library
wtih the story picking up over 3000 inlernaiional repon.%. demonstrating the %igFnificance of the event.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Learnin¥ (c'i)nlinued)
The Wren LibTary reopened lo the public in Seplember 2023 and immediately participaled in the Open Cambridge
fe¥lival where we exhibited items relalingi lo nuclear fission in line wilh the cineniatic release of Oppc?nlieimi?i'.
Promolion on local new% broadca%ts and Cambridge radio drew over 4000 visitors duringy the course of the week,
demonslraling the keen inleresi froin the ¥eneral public in .4eeing Ihe Library. By the end of June 2024 we had
received over 25.000 visitor% duringF our public hour%, and couniles4 .%pecial inlere4t gyroups had visited, and many
clas4e% usingy the ¢olle¢lions have been held.
The College Library has remained bu%y as ever. Stock improvenient work continues with many outdated works
removed from the shelve.s and replaced with 311 O new title% selecled from undergyraduate reading, lists. We have
also received several larLye and very generous donation.% of modern books from both within and external lo the
College that will enhance our collection% greatly. We were able to in]plemenl %everal improvements to the .%pace
a4 a re%uli of the annual student survey includin¥ new ergFononiic chair%, standing desks, sofi seating, adjustable
lighting. freestanding nion1t0￿, plants and pictUTe% to try to make the be%1 of the 4pace until 4uch time.4 a4 a new
building is possible. Thi4 ha% opened a real dialogue with our 4ludents and acr055 the course of the year we have
been able to iniplement lols of smaller changes thank4 lo comments POSted on our new feedback board,
demonstrating that the College Library runs a.s a re.%pon.4iv¢ 4ervice to our comillunily.
Work ha% conlinued apace in the College Archive. Di¥itl.%alion of the audio-visual collection% 14 almost complete.
Member% of the College have been mo.%1 generou% in helping us fill gaps in our holding.% particularly of
photographs and May Ball ephemera which w¢ are proactively displaying during reunion events. Most excitingly,
we received pennis%ion late in the year to recrnil for a new position of Graduate Trainee Ar¢hivisl. A Trainee
Librarian has been in in the Librdry's Staffingi coiiiplement for Inany year?. bul archival training po%itions are
scarce in the profession. We are deligFhied lo be able lo offer tliis essential development and training opportunity
and the facl we received 104 applications for thi% po.%1 demonslrales the clear need for such positions. and align
with the College's aiins for excel lence in education in all fonns.
Re.ieur('h
Research 1% a Core charitable purpose. and the Collegye %pend% over £10.6m a year directly supporting research
acliviiie%.
Of the Collebye's research students. 41 receive a toial of £),732k in scholarships across all acadeinic disciplines.
A further 15 re.search student% from other colleg¢% ar¢ funded at £1.763k by Trinity throug,h the Canibridge Trust.
At the po%l-docloral level, the College %upport4 32 Junior Re￿arch Fellows at the co%1 of £934k over a wide rangFe
of subjects. The eight starting in October 2024 are researching the 'sunflower problein. in mathematical set theory,
experimental femtosecond optic4, the propertie.% of randoni 8ymmelric matrices, the Middle Engli%h .spiritual text
Tlic, Cloiitl, the influence of the law and markets on American literaiure. the evolving perception of the fo%%il
ammonile%, the influence of the 4eleclion of papepi by the India o￿tCe on our interpretation of history. and the
role of pho%phoru5 on the evolulion of the Earth. Alumni have also funded three separate post-doc at the college
al a co.41 of £231k.
The College employs 12 College TeachTng Fellow% who devote half their time to research, half their total .salary
cost beingr £527k. In addition. the College contribute% £1,314k through the Isaac Newlon Trust towards %upporting
the researcli of 74 Leverhulme Early Career Fellows.
At the Professorial level, the College fully %upport%, at a co%1 of £469k. three Senior Research Fellows working
on Italian literature and culture, on Ru4.%ian culture and history, and on po%l-colontal %ocial politic%. The substantial
majority of re%earch output of the collegye is however contributed by the 145 other Fellows. employed by the
university or retired.
In addition lo supporting people, the College supports the research travel and other research cost% of Fellows at
£203k. plus al%0 £118k on academic visitors to the college, and further 4upports general research in the university
IhTough the Issac Newton Trust al a cost of £1,363k.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR E]NDED 30 June 2024 (continued)
Ré.search (conlinued)
This year Iwo Fellows were elected Fellows of the Royal Society, one for research in early detection and
prevention of cancer, and one for the role of viscous flows in living systems. Another Fellow was elected to the
Academy of Medical Sciences, for research on neuron circuitry. A Fellow received a Wolf Prize for research in
cosmology, and another a Copley Medal of the Royal Society for engineering therapeulic antibodies. Three fonner
JRFS received Prizes at the European Congress in Mathematics.
Future Plans
Trinity 2046
Looking fonvard to the 500th anniversary of its founding in 2046. the College commissioned an estate plan to
provide a comprehensive aT]d innovative vision for how Trinity's buildings and green spaces could be developed
over the next 30 years and beyond. Of the wide range of estate development opportunilies included in the Trinity
2046 plan, theTe will be three major projects that will addr¢&s the most pressing needs identified in ihe consultation
and be transformational for the College:
Transforn]ing and expanding the College Library
A study and social hub al the Brewhouse site
Supporting spon and wellbeing through th¢ redevelopment of Old Field
The next phase will be to identify architects to make more detailed proposals to the College and to seek
philanihropic support lo enable these projecis io take place.
Education provision
The College is to launch a new, five year funding Scheme to support PhD studentships, collaborating with the
University, the Schools and the Isaac Newton Trust to deliver between 35-40 sludentshtps each year a¢ross the
University. In 2024-25. the Trinity Enirepr¢neurship Progrdmrne will pilot with the first group of students, in
collaboration with King's College's E-Lab Programme.
Tolal Relurn
The College has decided, after careful consideration, lo move to a Total Relurn method for calculating income
available for general funds. To be able to implement this move, the College 15 in a process to update ils Sialutes
which it exp¢cts to be complete in the year to 30 June 2025.
This approach would see the College moving to a total return forn]ula. such that 3 % of the value of the endowment
over a 5-year moving average lagged one year is distributed. The College's approach to distribution of the
Endowment will be subject to regular review in the future.
Financial Review
The College's net assets increased by £221 m to £2.413bn (2023.. £2.192bn). primarily as a result of an increase
in the valuation of the investments of £201m.
The College's Statement of Financial Activities (SOFA) is presented in the fonnat required by the Charity SORP,
which divides the College's income between various funds. The Endowment Funds represenls pennanent capital
split between the College's Corporate Capital, which has ihe features of, and has been treated as, a Pennanent
Unrestricted Endowment fund, and Other Endowments where the College has received specific donalions and
legacies that are to be held in peTpetuity. The income from the Other Endowments are further split between
Restricted where the original receipt also restricts the College in ihe use of income arising from the capital and
Unrestricted where the College can spend the income on any aclivity of the College.
Restricted Fund5, and the income arising, can only be used for the purpose5 for which they were originally given.
The College's Designated Funds represent resources set aside for specific purposes. Therefore, in any given year
Ihe key indicator of the College's financial health is the Net Income/Expenditure after trdnsfers in the College's
unreslricled General and Designated Funds which were £6.2m in surplus in 2024 (2023.. £5.8m surplus). This
reflects healthy increases in investn]ent ineome.
Income from charitable activities (education) ¢onlinued to grow in the year, the main contributor to the increase
was from residence and catering, increasing lo £7.9m (2023: £7.5m) due to an inflationary increases in charges.
Income from investment rents was down in the year due lo some properti¢s being emply while being refurbished.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Financial Review {continued)
Dividend% income conltnued to be increase significantly. Income from equity dividends increased by £2.7m. bank
interest by £4.3m but property incom¢ wa% down by £ l.Om.
In addition lo fundiiig 115 own activitie% and making its Unive￿IlY Contribulion ot- £3.9m 12023..£3.3nil to the
University s Colleges Fund. the Col lege Inade substantial donation4 lotalling £8.3m 12023- £5.5m), mainly lo
support wider collegiate Cambridge. and has increa4ed spending on scholar5hip.4 and awards to £8.8m 12023:
£8.Om).
The overall costs of charitable activities (i.e. expenditure) were increased froni £53.2Jn 10 £55.9. Included in 11105e
costs, expenditure on Re4earch remain% constqlent with previous years al around £5m Inol includingy additional
funding for research throug,h Scholar%hips and Awards and through Donations}.
The Inainlenance of the College's fabric and infrastructure is a constant draw on Ihe College s resource, but often
with significant varialions frorn year lo year. Maintenanee. repairs and improvement8 decreased to £6.2ni {2023:
£8.6m). The main expenditure in Ihe previou.s yearbeing the completion of the re￿rbi￿hMenI of North West Greai
Court. In year.% of low expenditure. the College makes Iran%fer4 to the Renewals and Renovations Fund whiclj
pan of Designated Fund%. Thi% Fund is used in yeapl of higher than averagye renovation expenditure.
The pension %chenie. now ITJ surplu%. is funded by the Collegye ba%ed on advice fron) the scheme actuary and i
not considered lo b¢ a financial risk to the College's activities or assets.
Reserves Policy
Toial fund% within the group were £2.41bn al 30 June 2024. This comprises Corporale Endowment of £2.02bn.
Other Endownient% of £197m. Re%lricted Fund% of £72m. Designaied Funds of £77m and General Funds of £44m.
In order io provide a cushion again%1 downturn%. the College seek.% to maintain re%erve4 in Ihe Con40lidated
Unre%lricled General Fund% wiihin a range of six to eighteen month% worth of Ihe annual co%1 of il% General Funds
charitable activilie.%12024.. £?3.6m to £70.8ml, will) a largyel of an average holding ot twelve month.% worth120?4..
£47.2m). The ¥eneral fund% are Iherefore comfortably within the required ranbJe.
Collegye 1% aware that the implemenlation of the Trinity 2046 capital progTrramme and Renewal% and Renovations
projects will have a %ignificanl iinpact on reserve% over the next few years. and therefore in the year under review
the Council de%iginaled an amount of £25ni out of General Funds into a Capital Projecl.s Fund.
For re.4erves held a% ca4h, the College maintains a model whi¢li calculaies a reserve level ba.4ed on a %en%ilivily
aDalysis ot operational income and expenditure. the CollegFe risk register and cash flow projection% for n)ajor
building% work and investment property developments. The ca%h reserve held to be sufficieDI for any downturns
and to ensure sufti¢ient liquidity to fund ongoing operational aclivity and major capital expenditure without the
need lo sell investment% in the %hort teTm. Any exce%s 1% generally invested in the College's global index equity
portfolio.
The College % reserves and cash postlion are deemed to be 4ufficient agFainst the targets outlined in this policy.
Investment Poliev and Performance
The purpose of the college s investment% is to support the College in achieving il.% aim= the advancement of
education, religion, learningF and research.
The inv¢4lment% of the College have two objectives..
Trinity College aini% to maximi4e ri%k-adju%ied relum% and 10 acliieve a lon¥-ruD lotal return of
ai lea41 CPI +50/0 on it% inveslmenls.
Trinity College aims lo have a po%itive environmental. qocial and gyovemance iinpact through
il% inve%tnieni%. Trinily comniil% to achieving a carbon nel zero portt.olio before 2050. To Ihat
end. the investments have two intermediate 4cien¢e-ba%ed largets.. a 21 /0 reduction in emission
froni the 2019 baseline by 2024. which ha% been acliieved. and a 46.20/0 reduclion by 2030.

TRINITY COLLEGE, CAMBRIDGE
ANIYUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Investment Policy and Performance (continued)
Over the last 1. 5 and 10-years, the financial returns on our investments have exceeded Trinity's iT]vestmenl
objective of CPl+50/o. This performance has been a result of the College's asset allocation, strong perforniance
from global public equity markets, and high asset specific returns over recent years within the College's property
investments. This has resulted in the value of our investments rising in real ternis (above illflalion) after
dislributions to the College and substantial donations to the collegiale university.
Regarding perfonnance on environmental goals, the endowment has exceeded ils high_level largel lo reduce
emissions by 21 /0 from its baseline in 2019. This was achieved mostly as a result of divestment from fossil fuels
in 2021. Carbon intensity has a150 reduced by an average of over 10 % year on year since 2019. There has been a
strong improvement in the quality of data from the propety portfolio, with over 60 % of our property data now
coming from a primary source.
The College invests in properties, public equities. private securilies and cash. Exposure should be well diversified
across asset classe.s and geography. Portfolios should ak)maintain enough in liquid assets (public equities and cash)
lo meet short tenn financial needs.The College's investments in public equity and propeity Slt towards the upper
end of our target ranges of 30-600/0 and 20-50°/o respectively. Our public equity investments are largely held in a
global index account with environmental, social and governance exclusions. Our property holdings are either
direct holdings or held within subsidiaries of Ihe College. Boih private equity and leverage sit below the lower
end of the largel ranges (10.20 %) and plans are in place to increase both over lime.
Indeed, in 2023, the College set up the Trinity PE Limited Partnership, which allows it lo invest In unlisted equilies
through a programme agreed by College Council. The limited partnership is managed by Adams Street Capital
Partners, who support the College in allocaling to underlying managers, mostly in global. early-sthge and primary
funds. The first tranche of the progrdmme has been successfully allocated, and a second ttzn¢he for next year was
agreed by Council.
On the property side, over the last year we sold our investment in strategic land ai Worsham Fann, Bexhill-on-
Sea, after planning was granted. The proceeds were reinvested in our global public equity index account.
Regarding sustainability. the focus in 2023-24 has been on executing on our sustainability strategy of
Decarbonisation, Positive Investment and Influence. Nolable progress was made on the Cambridge Science Park
on degasification, waste management, optimisation of energy use across our buildings. Trinity is also delivering
on several opportunities for 501ar, and on a tree and hedge planting programme. In our Private Equity portfolio,
we committed to investing in climate impact funds over time, with a first commitment already made after year
end. We continue lo engage with our managers, tenants and investee companies.
After year-end, the College raised a further £100m in debt for efficient portfolio management purposes.
Risk is defined as the potential of not achieving the endowment's long terni objectives as a result of permanent
loss of capital and income. The key risks idenlified are concentration risk around our property holdings. people
risk. relationship concentration risk. and health & safety risk. Actions are in place io mitigale all of these risks.
Going Concern
The Council has considered carefully the financial position of ihe College and ils ability lo rernain a going concern
for the foreseeable future. li considered the volalilily in the UK together with the risks to the world economy
arising from various international conflicls and other external faclors which could impact on the financial position
of Ihe College in the short lo medium tern]. This included cash flow forecasting with a five year forward view.
The Council is cognisanl of the fact that the operational income of Ihe College is not sufficient to fund the
operational activities of the College and it is therefore dependent on the endowment to fimd ils operations.
The cash position and the College's liquidity for the foreseeable future as described in the Reserves Policy section
of this report are de8igned to ensure the College has suffjcient cash io manage ils op¢ralions and major expenditure
requirements without the need to Sell investment assets. The global equity portfolio is distributed across a large
number of publicly available exchanges and could be liquidated into cash at short notice if required.
At the lime of approval of this Report. although the risks around the economy remain, the College's financial
position is strong. The Council is satisfied that the College will remain a gotng Concern for ihe foreseeable future.

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
TRUSTEES, REPORT FOR THE YEAR ENDED 30 June 2024 (continued)
Statement on fundraising
Trinity College fundraising 1.% carried out by CollegFe employee% in the Aluinni Relations and Development Office
IARDO) and involve% engaLFing with 13.300 contactable alumni and other .%elected persons or entitie% with an
interest in the work of the College. The activily is overseen by the CollegJe s Aluinni Relations and Developinenl
Comiiiillee. Fundraising method% include face-to-face meeting%, direct mail, social media and email and telephone
¢alls undertaken by 5ludenl% employed by the College. ARDO coniinunicalions refer to our dala protection
tatement and all bulk email communication% include an option to un4ub8cribe.
In 20?3-24, 2169 alumni. foundation% and friend.% gave or committed to give £10. Ini via ARDO. Tlie College
received £9.8in in donation income.
The Collegye is regi.4lered with the Fundraising Regulator and its IogFO appear4 on all alumni and development
publicalions. The College abides by the FundraisinL' Code of Practice in ils activities and there are no known
in%tances of non-compliance with the Code. There were no complaints received in the year about fundrai%ing.
ARDO %tatTare required lo indicate if they are concerned that someone they have contacied might be con%idered
to be vulnerable. If there are any concerns that %omeone lacks capacity lo make a deci%ion to donale, then
fundraising approaches are stopped. ARDO 4taff receive training in the workplace and exiemally to en4ure they
keep up with be%1 practice.
Risk Management
The College ha% a process for identifying, evaluatiiigy and managingi the key ri%ks in undertaking ils activitie4 and
achieving its objective%. The College mainiains a Risk Register which seeks to identify all of the %lralegic ri%ks
faced by the College as well as the operational risk% identified by individual department%. The College s Audit
Conimittee reviews ihe Risk Register once per year and the .4trategic risks are considered annually by the Colleg¢
Council. The principal risk% faced by the CollegFe are..
Princi
)al ri%k
Failure in duty of care to .%tudent%,
laff or Fellows
How risk is mana Jed
Trnining and communication to all member% of the college
Health and Sately %upport IhrouLJh dedicated depannient
SafegFuarding policies and processes
Organi%alional structure and goiiernance through ¢ommittee%
Whi%ile blowing, policy
Significant reductions on valuation
of inve%tment% {e¥ stock markel
cra.sh)
Investment policy
Diverse portfolio
Investment Committee
Infectiou.4 disease pandemic
Disaster recovery plans
Emergency procedures for council and heads of department
Technology ¥olution.4 lo nianage operationq remotely
Fire or other catastrophic damage to
hi%iori¢ building.4
Regyular inspections and condition review%
Dedicaled works department
Preveniaiive niaintenance progFramme
Fund4 %el aside in de%ignaled fund
Insurance
Peniianent loss of a major income
stream
Inve%lmenl portfolio 14 diver%ified between property and equity
Maintatning, General reserve% level4
Longi lern] ca%h flow forecaslingy willi buffer4 for economic risk
10

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees, Annual Report and ihe financial stateinents in accordance
with applicable law and United Kingdom A¢couniinu Standards (United Kingdom Generally Accepted
Accounting Praclicel.
The law applicable to charities in England and Wales requires the Tru%lee4 lo prepare financial %talenient% for
each financial year which give a true and fair view ot the slate of affairs of the College and the group and of the
incoming resource% and application of resources of the College and tlie group for that period.
In preparingy these financial statement%, the Trustee% are required to:
select suitable accounting policies and then apply them consistently.
ob.%erve the method.% and principle% in the Charities SORP.
make judgments and estiniates that are rea%onable and prudent-
tale whether applicable accounting Standards, comprising FRS 102, have been followed, subject to any
material departure% disclosed and explained in the financial %tatements' and
prepare the financial statement% on the gioing concern basis unles% it 14 inappropriate to pre%ume that the
charity will conlinue in business.
The Trustees are re%ponsible for keeping proper accounting records that disclose with rea%onable accuracy at any
tinie the financial po.%ition of Ihe charity and enable Ihem lo en%ure that the financial statements comply with the
Charitie% Act 201 I, the Charity (Account% and Reports) Regulalions 2008 and the provisions of the Sialules. They
are also respon%ible for safegFuardingJ the a%¥el.% of the College and the group and hence for taking¥ reasonable steps
for Ilie preveniion and detection of fraud and other iffegularitie.4.
The Tru%lees are re%pon%ible for the maintenance and integrity of the charity and financial infonnation included
on the College's website. Legyi%lalion in the United Kingdom govemingy the preparation and disseniination of
financial .%lalenienls may differ from legislalion in other juri.sdictions.
Approved by the Collegye Council on 25 November 2024
Professor Dame Sally Davtes. Master
Mr Richard Turnill, Senior Bursar

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRINITY
COLLEGE, CAMBRIDGE
We have audited the financial stateinents of the Trinity College, Cainbridge I'ihe charity,) and its subsidiaries
('the group.) for the year ended 30 June 20?4 wliich comprise Ihe Consolidated Sialemenls of Financial Aclivilies,
the Coii%olidated and College Balance Sheets, the Consolidated Cash Flow Sialement and Note% lo Ihe financial
statements. includingy significant accounting policie%. The financial reporting, framework Ihal ha% been applied in
their preparation 1% applicable law and United KinL,dom A¢¢ounting, Standard%. including Financial Reporting
Standard 102 The Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the group.s and the charity's affairs as at 30 June 2024 and of the
group's incoin ingy resources and application of resources. includingi its incoine and expenditure. for the year
then ended-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice:
nd
have been prepared in accordance with the requirements ot.the Charitie.% Act 2011.
In our opinion the Contribution due from the College lo the University in relation to the provision% of Statute Gll
has been recogni%ed as advised in the provisional as.%es%menl by the University of Cambridge
Basis for opinion
We conducted our audit in accordance with Inlernational Standards on Auditing (UK) (ISA% (UKII and applicable
law. Our responsibilities under those standards are further described in the Auditor s responsibilities for ihe audit
of the financial statement% section of our report. We are independent of the gyroup in accordance with Ihe ethical
requ irenients that are relevant to our audit of the financial stateinenls in the UK. including the FRC'S Ethical
Siandard. and we have fulfilled our other ethical respon.%ibililies in accordance with Ihe%e requir¢nients. We
believe Ihat the audit evidence we have obtained is suffIcient and appropriate to provide a ba¥1% for our opinion.
Conclusions relating to going concern
In auditing the financial stateiments, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financial statement% is appropriate.
Based oil the work we have perfornied, we have not identified any niaterial uncertainlie% relating io eveni4 or
conditions that. individually or collectively. may cast significant doubt on the charity's or the group's ability 10
contiiiue as a goingF concern for a period of at lea%1 twelve month4 from when Ihe financial statement% are
auihorised for issue.
Our respon%ibililie.% and the re%ponsibililies of Ihe Iru%tee5 wilh respect to going concem are described in the
relevant sections of thi.s report.
Other information
The trustees are respon%ible for the other inforn)alion contained within the annual report. The other inforn)ation
coiiiprises the intonnation included in ihe annual report. other than the financial Statements and our auditor s
report ihereon. Our opinion on Ihe financial %lalen)enl% does not cover the other inforn]alion and. except to tlie
extent oihenvi4e expliciily 4taled in our report. we do not expre.%.s any fonn of assurdnce or conclusion Ihereon.
Our re%ponsibility is to read Ihe other infomialion and. in doing so, consider whether the other intorniation is
materially ineon%i%tent with Ihe financial statements or our Icnowledge obtained in the audit or othenvise appear
to be materially nii%.%tated. If we identify %uch material incon4i.%lencies or apparent niaterial mi%%lalemenl%. we are
required to delennine whether this gFive% ri%e to a material mi4slatemenl in the financial statenienl% Ihemselves. If.
ba%ed on the work we have performed, we conclude Ihat there is a material missialement of this other inforniation,
we are required lo report that fa¢l.
We have nothing to report in thi4 regard.
12

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRIIYITY
COLLEGE, CAMBRIDGE
Matters on whi¢h we are required to report by exception
We have nothing to report in respecl of the following matters in relation to which the Charities {A¢counls and
Reports) R¢gulations 2008 requires us to report to you if, in our opinion..
the infonnation given in the financial stateinents is inconsistent in any material respect with the trustees.
report. or
sufficient and proper accounting records have not been kept by the parent charity. or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all ihe infonnalion and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement. the trustees are responsible for the preparation
of the financtal statements and for being satisfied that they give a true and fair view, and for such internal control
as the trnste¢s deterniine is necessary to enable the prepardtion of financial statements that are free from material
misstatement, whether due to fraud or e￿Or.
In preparing the financial statements, the trnstees are responsible for assessing ihe group and the parent charity's
ability to conlinue as a going concern. disclosing, as applicable, matters related to going concern and using ihe
going concern basis of accounting unless the trnslees either intend to liquidate the Charity or to cease operations,
or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance wilh the
Acts and relevant regulations made OT having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurdnce is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatemenls can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Details of ihe extent to which the audit was considered Capable of detecting iTTegularities, including fraud and
non-compliance with laws and regulations are sel out below.
A ￿rther description of our responsibilities for the audit of ihe financial statements is located on the Financial
Reporting Council's website al: www.frc.or
-uklauditorsres
onsibilil&e%. This description fom)s part of ow
auditor's report.
Extent to which the audit IVVdS considered capable of detecting irregularities, including fraud
Iryegularities, including fraud, are insLqnces of non-compliance with laws and regulalions. We tdenlified and
assessed the risks of material misstatement of the financial statements from iffegularitie8, wheiher due to fraud or
error, and discussed these between our audit leam members. We then designed and perforn)ed audTI procedures
responsive to those risk5, including obtaining audit evidence sufficient and appropriate to provide a basis for our
opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operdtes,
focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and
disclosures in the financial staten]enls. The laws and regulations we considered in this context were the Charities
Act together with the Statement of Recommended Practice for Charilies (SORP) 2019, taxation legislation and
general data protection legislation. We assessed the required compliance with these laws and regulations as part
of our audit procedures on the related financial statement ilems.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial
statements but coinpliance with which mighi be fundamental to the charity's and group's ability lo operate or to
avoid a material penalty. We also considered the opportunities and incentives that may exist wiihin the charity
and ihe group for fraud.
13

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
INDEPENDENT AUDITORS, REPORT TO THE GOVERNING BODY OF TRINITY
COLLEGE, CAMBRIDGE
Audilingy standards limit the required audit procedures to ideniify non-coiiipliance with these laws and re¥ulalions
lo enquiry of the trustee.% and other management and inspection of regulatory and legal corre.spondence. if any.
We identified the greatest risk of material impacl on Ihe financial slalemenls from irre¥ularilies, iTJcluding fraud,
lo be within the liming %urrounding recogynjlion of income and the override of control% by nianagement. Our audit
procedures lo re%pond lo these risk.% included enquiries of management and the Audit Committee about their own
identification and asse%%menl of the risk% of irregularities. .saniple testing on the po%linLJ of journals, reviewing
accounting estimates for biases and reading minutes of meeltngs of tho4e charged wilh governance.
Owing 10 the inherent limilalions of an audit. there 1% an unavoidable ri.%k thal we niay not have detected some
nialerial mi.%%lalenienis in the financial slalemenls. even though we have properly planned and perforn]ed our audit
in accordance will) audilingT 4landard.s. For exaniple. the turther rernoved non-compliance with law% and
regulations (irregyularities) 1% from the events and Iransaelions reflected in the financial Statements, the less likely
Ihe inherently limited procedures required by auditing standards would ideDlify il. In addition, a% with any audit,
Ihere remained 8 higher ri4k of non_delection of irregyularitie%. as these may involve collusion. forgery. intentional
omi%4ion.s, mi%repre%enlation%. or ihe override of inlernal conlrols. We are not respon%ible for preventing non-
compliance and cannot be expecied to detect non-conipliance wilh all laws and regulation4.
Use of our report
This report is made solely to the chariiy'"s Inembers. as a body. in accordance with Part 4 of the Charities (Accounts
and Reportsl Regyulations ?008. Our audit work has been undertaken so that we Inigyht slate to the charity's
members those Inatters we are required lo stale to them in an auditor's report and for no other purpose. To the
fulle41 extent perniilled by law. we do not a¢cepi or assume responsibility to anyone other than the charity and the
charity's members as a body. for our audit work. for this report. or for the opinions we have formed.
Crowe U.K. LLP
Sialulory Auditor
London
Date.. 18 December 2024
Crowe U.K. LLP i.s eligible for appointment a.% auditor of the cliarity by virtue of its eligtbilily tor appoinlnient a5
auditor ot a company under section 1212 of ihe Companie4 A¢1 2006.
14

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR
ENDED 30 JUNE 2024
Gtaeril FtA•ds
1*51iarted)
£QOO's
DtsiKx*ted
F••ds
Restrlcle
Fvnds
2024 Tot•1
2023 Tot•1
£OOO's
£OOO's
Inccwe from dOtwi￿ ieg*ie$
IDcome from charitable #ctiiitieb
998
269
5.270
3.217
9.754
14.334
219
83.234
12,017
13.175
218
13,838
190
496
29
t￿¥1￿entIne¢)rne
70.203
13
5,914
77,153
TOTAL V4COIIE
85229
11,680
9.121
lQ7,541
102.562
R4isiBB f
Lo4D interest
E8¢*te$trMJ iTh*JimenliMIBl8*Wtcos¢s
1,549
4,322
21.948
1,549
4.322
21,985
1,393
4.322
20.050
37
27019
37
27056
25,7116
47,:13
S.908
SS,869
53,ESQ
OtherEAprnd1i￿r￿
3,553
274
3.87l
3.2S8
TOTAL WLNT)rfLIIE
78.44
1792
6219
02.174
TTLNCOMW(Fm)SE)
4644
(1281)
9,121
20J89
Net 8Ws(b)53e5)LMLknutmeutAssets
3.41Q
8.336
139.156
2W.902
181.735
EfL%(X).ME BEFORETrLI3FERS
6,fj44
2,129
J3.797
198277
220,147
202.123
133,514)
30,893
2,621
TTD4CO)IEIIZXPLNTtyJTiTrE)AFTER
TR￿}￿FER$
{26.870)
33,022
1fj,418
198277
220047
202,123
kn. i¢cogtyisÉdgthlps & losJe5.'
G4i*$on tsfiI￿dbe￿￿flt￿iO
4.225
TIIOITMLN7S L% FLThJS
Q6,870)
33.022
198 777
220047
206J48
44 456
55.410
2,0Tr0.781
191.766
1,985,418
TOTAL CARRIED FORM"ARD
4,249
77.478
2.219.0*8
2,412,613
2.191,766
There ￿ no recov￿ged or Josw ¢xh¢r than thost di¥cS)s¢d akn'e. AU of th¢ abol'¢ d¢tii'¢ frthj) ¢otktUWth8 Opthtrons.
Thue li Jo wtCEial &ffereJJce th¢ r¢sowt¢s for the y¢srn $tsRd •kn'¢ ¢ost 4￿[￿￿k￿lI.
15

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024
(ts24
T•tsl
£OOD's
2,232,890
9,6ip2
JJ42.492
£OOO'$
14609
9,1
2,469.580
Ini'eslmentS
(4)erntioYd Asstts
10.1
Stock
Debtors: dllt tlw ￿?. ytr
Debtw& thiemth
Cash at bank" and ni
11
2241
968
35.944
21,0
60J43
22
834
26.612
34,fft4
64J14
CIIEDtroRS: AUOLryTS FALUNC Dl￿ OYE YL4R
TOTAL ASSETS LESS CblU￿1￿ LIABILITES
ij
7,210
2,502,613
25.(
2J81.~66
CIlED￿oRs. kUOIryTS' FALLLNG DI￿ AFTER 310RE O)T YEAR
14
(9),(th)
IS¥),(*O)
IYET ASSETSLiCLLry)L%G PLYSIOTrI SCHEME LL4BIU
2,412,613
2,191.",66
15
2,412,613
2,191,166
Repr￿onIedth,.
EndoThtrent fund
R¢stncted fjJDd
Designatedfillid
Gtnualfund
2,219.058
71.828
1020,781
55.410
44.456
44.249
2,412,613
J.191,/66
Th¢ financial statements on pages 15 to 40 were approved by the College Council on 25 November 2024 and have
been signed on their behalf by the Master and Senior Bursar.
Dame Sally C Davies. Master
Mr Richard Turnill, Senior Bursar
16

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
COLLEGE BALANCE SHEET AS AT 30 JUNE 2024
•0?4
Totsl
Totsl
10.1
io.
2,267.880
9,1
2Jl~,,070
2,076.495
9,602
2,086051-,
Stock
1954
21.￿5
1.896
23.775
30.159
16.485
72AI 5
Debtors." y
Debtors due Mitkn Dnt yeat
Cash ai b￿)k tthditi haod
4YID
JQ.l.iJ8
CIIIDITOLS: kllOUNTS FALLf*G' DIT MryTHLY 0￿￿1￿1<
TOTAL￿$SETs LESS CURRLNT IIIBIL
13
19,184
2J63,624
2J29.095
CREDifoKs: AM0[￿2 S FALLLIG DLT, AFrni MORE O.YE ITAR
14
190.C4K))
190.C(Q)
ET AS'SETSLXCLLIDL)G PLwsiof4 scllE￿￿ LIABI
2J73.624
2.039,095
PLNSIOY S(￿￿ LUBllJTY
Is
IU ASSETS Ip4CLLT)1h￿ S'CHEIIE LL4BILfTY
?Ji3,624
2.b&9,495
Reprwsetyr6d￿..
Endowmtnt fimd
Restiicledf￿la
Destgtsatedfund
Generalhthd
2.067.169
71,828
77.478
57.149
2,27&.624
1,857,7?0
55,410
44.456
81.508
2,039,094
The College recorded a surplus for ihe financial year of £234,530K (2023: £171,414K) and other comprehensive
gains £0 (2023: £4.225k gain).
The flnancial slalemenls on pages 15 to 40 were approved by the College Council on 25 November 2024 and have
been signed on their behalf by the Master and Senior Bursar.
Dame Sally C Davies. Master
Mr Richard Turnill. Senior Bursar
17

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR EIYDED 30 JUNE
2024
2024
2023
£'ooo
ET CASH Flnw FROM OPERATING AcrIiTriES
Net re80urc¢s aft¢r tran8feT8 (as per the Statell)ent of FRtsati¢ial
220047
202,123
AdjustmepJr3foJ"
InNestment iticome
Net 88tU8 OA
(83.234)
(200.902)
413
(77,153)
(181,734)
413
1993
(1,1138)
4022
(5J12)
Total pellsioll9 losses reCo￿LSed tn SOFA ¢x¢luding actUafial1088
Pell81￿ contiibutions by the Colle8¢
Loan interest
(1.050)
4J22
(3,217)
W(rtknng capitsl D]oiallents
- DcCr¢ase1￿l￿rea$e) in stock8
Yea8e in debto
. Illcreu&(Demse) io ￿EditOrS
(107)
(4.879)
2.023
(9.465)
2.170
Net cath u8¢d ill opttatill8 #Ctisrytie8
(69,043)
{59A49)
CASH FLOM, FROM INVESTING ACTIIryTIES
Purchase of fixed ¥L8set inNf8tments
Proceeds from d&xpos81 of fixed 4$8¢t In%'￿t￿￿t$
t￿￿¢st￿l¢ll* iucon
(83317)
30J68
83234
(1&019)
17JOI
77.153
N¢t ¢a8h I￿￿ted from irkTreBtin8 actiiities
29,785
77.035
CASH FLOW FROM llNANCllYG AcmryTIES
Ejdowiiellts ￿cel￿ed
Interest ￿ld
3217
(V22)
5012
(4J22)
Net Ca8h used in fuJJu¢in8 aCtiFryti¢s
(1.1￿)
ET INCREASEJ(DECREASE) IN CASH Al￿ CASH
EQUTh'ALENTS
(40063)
18.676
Cash and cash equÉNale41ts at the st&t of tlxe year
87,042
CASH AND CASH EQUII'ALENTS AT THE END OF THE YEAR
47,279
87.642
C*sh Ind ertsb eqmfvijents tollststs o*.
Cash at bank in halld
21,090
2&189
34.604
53,038
Cash and e*sh eqnlv*lellts
47279
87,642
18

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
I. STATEMENT OF ACCOUNTING POLICIES
General information
Trinity Collebie. Caiiibridge ("the CollegJe') and its subsidiaries (tog7ether 'the Group'l whose objeel is the
advancemenl for the public benetil of educaiion. religion, learningi and research. primarily by the maintenance and
deVelopm￿lt of a College in the University and City of CambridLFe.
Basis of preparation
The con401idaled financial stalemenl% of Trinily College. Cambridgye {a public benefit entity) have been prepared in
conipliance with United Kingdom Accounting Standard%. including Financial Reporting Standard102, 'The Financial
Reportin(F
Siandard applicable in ihe United Kinbydoin and the Republic of Ireland" I'FRS 102"), and with the
Statenienl of Reconiiiiended Practice 'Accounling and Reporting by Charities FRS 102 as revised in 2019 ("the SORP
2019,), togyether with Ihe reporttng requirements of the Charities Act 2011.
The financial slatemenls have been prepared on a going concern ba%is. under the hi%lorical co%t convenlion as modified
by the revaluation of investmenl.%. The functional and presenlalional currency of the College is £ Sterling.
The principal accounling policies applied in the preparation of these financial statement% are set oui below. These
policies have been applied lo all the years presented. unless otherwise stated.
The preparation of financial .%lalement4 in conforniily with FRS 102 require% the use of certain accounting e4limates.
It al40 requires the Trustee% to exercise their jud(Jeinents in the process of applying the Group's and the College's
accounting policie%. The area.% iiivolvin¥ a hig?her degiree of judgyement or complexity, or areas where assumption and
eslimale% are significant to the financial sialemenls are disclo4ed below.
Going Concern
The Council have considered carefully the financial po%ilion of the CollegFe and its ability to remain a goiiigy concern
for the foreseeable future. They con.%idered the volatility in the UK and world econoniy arisingi froni the conflict in
Ukraine and other external factors which could impact on the financial po%ilion of Ihe Collegye ir] the short to inedium
terni. Thi% included cash flow foreca%lingy with a five year fonvard view.
The cash position and the CollegFe s liquidity for the foreseeable future as described in the Reserves Policy section of
thi% report are designed to ensure the CollegFe ha% sufficient cash to managie its operation% and major expenditure
requirenienls without the need to .%ell investinenl a%%els. The global equity portfolio is di4lribuled acro%s a large
number of publicly available ex¢hanLJes and could be liquidated into cash at Short nolice tf required.
Ai the lime of approval of thi% Report. although the risks around the econoiny reinain, the College's financial position
remain% strong. The Council are sali%fied that the College will remain a going concern for the foreseeable future.
Basis of consolidation
The account% show Ihe results and %lale of affairs for Trinity College, Cambridge and it% 4ub%idiary undertakings
(detail4 of the sub.4idiary undertakingFS can be found in nole4 17 and 18). Sub%idiaries are all entities over which the
Collegye ha.s control. being7 Ihe power lo gyovern the financial and operating policies ot the entity.
Where a %ub%idiary has a different accounting policy from the Group. adjustinent is made to the subsidiary's financial
stateinents to apply the Group's accounling policies when preparing the consolidaied financial stateinents.
Acqui%Tlion% Iiiade by the Group are accounted for under the acqui%ilion niethod of accounting,. Subsidiaries are fully
con%olidated from the date on which control 1% tran%ferred to the Group. They are de-con%olidated froni the date that
control cease%. Inira-gyroup Iransaclion% and profils are eliniinated fully on consolidation.
Result.4 of affiliated clubs and societies are noi ¢on%olidated as the College does nol giovern the financial and operatin¥
policies of iliese undertakings with a view lo gaininLY economic beiiefit% froni their aclivilie%. Grants niade lo clubs
and 4ocieiies are charged in the Statemenl of Financial Aclivilie% as expenditure foT charitable purpo%es.
19

TRIINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
I. STATEMENT OF ACCOUNTING POLICIES {¢ontinued)
Cash flom, slatement
The Col lege prepares a consolidated cash flow statement and the Consolidated accounts. in which the CollegTe's results
are included. are available to the publi¢. It ha.% Iherefore taken advaniage of the exemption ¢onferred by FRS 102
Section I not 10 prepare ils own cash flow statenienl.
Incoming resources
Inconie is accrued and included in the statement of finai)cial activitie% when the College 1.% legally entitled to the
income, the aiiiount can be quantified with rea.%onable accuracy and is probable. Where income 1% received in advance.
recognition 18 deferred and the amount included in creditors. Income is staled net of any VAT.
Inconie fron) fees. residencies, catering aiid oiher operational charge4 are accounted for in the period in which the
related %ervice i,$ provided.
Donations are accounted for when the College 1% entitled lo the income. and the value can be reliable measured.
Legacies are accounted for when probale has been granted and receipt 1% probable and measurable. Where legacie
are of a re%iduary nature the recogyntlion will be at the earlier of receipl of cash, the estate accounts or oiher notice of
impending distribution.
Rental income from investment propertie% 1% accounted for on an accrnal.s ba%1.4 dependtng on the lem% of lease or
licence lo occupy.
ncoine from equity investn]ents is accounted for on a received basi%.
Resourees expended
ExpendTrlure is accounted for Dn an accrual% basi% and has been cla48ified under headings that ag'gregate all cost
related 10 ihe category. Where cos1% cannot be directly attributed to particular headingy.s they have been allocated to
a¢lii'ilies on a basi% con%i%tenl with u%e of the re4ource.%.
Charitable exemption
The College 1% a re¥istered charity and claims exemption froin incoine tax under Section% 478 to 488 of the
Corporation Taxes Act 201 O and from capital gyains lax under Section 256 of the Taxation of Chargeable Gains Act
1992.
The CollegFe's subsidiaries are subject to Corporation tax. All taxable profits in a subsidiary are donated to the College
under the lerni% of a Deed of Covenant in place between the College and the subsidiary.
Fund a¢¢ounting
Funds held by the Colleg¢ are analysed between Endowmenl, Restricted, De%ignated and General funds
Endowment funds can be split into two categories- Pennanent Endownienl.4 and Expendable Endowmenl.%. They can
be further split between Reslricled where the donor has specified how the College may.spend incorne arising from ihe
fund and Unreslricled where there the income may be spent on any College activity.
Pennanent Endowment funds wliere the inilial income may not nornially be spent are con%idered lo be capital in
nature. The College's Permanent Endown)ent Funds represent panly the College's Historie Endowmenl. which has
the features of. and has been Irealed as, a Pernjanent Unrestricted Endowment fund, and Other Endowmentq where
the College has received .%pecific donations and legyacies Ihal are lo be held in perpetuity. The Other Endowments are
funher split between Reslricled, wheTe Ihe original receipt also re%lricls the Collegye in Ibe use of income ari%ingy from
the capital. and Unre%lricled. where the College can spend Ihe income on ally actively of the CollegFe. In many cases
the Collegye ha4 chosen lo designate how Ihe illcome from income arisingF may be .4penl for individual funds.
General fund% - Ihese are fund.% that can be u4ed at the discretion of the College Council.
20

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
I. STATEMENT OF ACCOUNTING POLICIES (conlinued)
De.%igFnated tund.%- Ihese are fund% that have been %et aside by the College Council for %pecific purposes. They are a
ub-set of General Funds and the purpose.% lo which Ihey are applied may be varied al the discretion of the College
Council.
Re4tricted funds- these are ￿ndS that can only be u%ed for particular purposes, under a deed of trust or implied trust,
lo.%upport various educational purposes of the College. including Tesearch, teaching and the sludenl bursary schemes.
Pensions
The College participaled in three pension schen)es during the financial year. Pen.4ion co.sts are accounted for on the
ba¥1% of charging the co41 of providing pensions over the period during whicli the College benefits from the Fellow%,
or employees, service.
The Trinity College Pension Scheme runs two seclion%, one for staff and one for Fellow4, for defined benefit pension
provi.%ion for eltgible %iaff. It also has a defined contribution scheme managed by Legal and General for contributions
by Staff and Fellows.
Siaff employed prior 10 31 Deceniber 2013 were eligible to join the Triniiy College Pension Scheme. Thi.£ defined
benefit scheme closed to new staff meinbers in 2014. For thi.s scheme. pension co%1.% are accounted for as Ihe .%eTvice
and finance ¢051 for the year. The scheme is in a surplus position and in Ilne with the requirements of FRS102, the nel
as%et ha4 not been recognised in the financial slalenient4.
Staff employed %ince l January 2014, and those ernployed prior to that dale who are not members of the Trinily
College Pen%ion Scheme. have been placed in a defined contribution SLhen)e. The CollegFe is using, Ihi.% scherne lo
meel it% employer obligations under the auto-enroliiient legi%lation, albeit on more flexible and generous ternis than
the slatulory minima. The assets of the schenie are held by the %cheine provider in a master Irust. and the amount
chargyed to the statenienl of financial acliviiie% is thus the conlribulions payable to the %cheme in respect of the
accounling period.
Operational tangible fixed assets
Lcind unil huilding.i'
Land and buildings are stated al their ofigFinal historical cost les% depreciation. For the College's historic buildings,
due to their age. the hi4lorical cos1% are insiginificant. and the buildings would be fully depreciated and Iherefore no
ainounls have been included within Ihese accounls. Buildings are depreciated over 50 year% on a straighi line basis.
FiAllllI'.s..filling.s (incl cguipment
Fixture%, fittingys and equipment costing le%% than £100,000 per individual item are writlen off in the year of purchatse.
Hei-ilugc, A.s.%c'l.%
Tl)e Collegle hold.% and con%erves a number of collections. exhibit%, artefacls and other assets of historical, literary,
religiou%, arti.%tic or %cientific importance. Acqui%itions valued al over £ look are recogFni%ed at cosl and items gifted
to the Colle&Fe valued over £ look are recognised at fair value. The College ha% taken advanlagye of the exeiiiplion
wiihin FRS102 not to disclose transaction% before l January 2015 as obtaining fair value% for those assels would be
impracticable and the cost of obtaininLF iuch valualions would outweigh the benefits lo the users of these financial
lalements. Heritage a£%els are not depreciated %ince their longi economic life and high residLkal value mean that any
depreciation would not be material.
There have been no HeriiagFe Assets acquired or gifted lo the College ai value over £ I Ook since l January 2015.
Investments
Inve%tmenl.s are included in the balance sheet al fair value, except for inve%tmenl.s in subsidiary undertakings which
are stated in the College s balance sheet at cost less accuinulated impainnent and eliminated on consolidation.
Properties are valued annually by the Tru%tees based oil estimated niarkel values on a continuing u%e basis after taking,
advice from third party valuers. The SOFA include.s realis¢d gains and losses on inve%tments sold in the year and
unTealised gainA and 105ses on revaluation of inveslnienls.
21

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FIINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
I. STATEMENT OF ACCOUNTIIYC POLICIES (continued)
Investments (Continued)
Fixed as%et investments are subject to review for impairnient when Ihere 1% an indication of a reduction in their carrying
value. Any impairnienl 1% recogni%ed in the year in which il Occu￿ in tlie SOFA.
Tlie Directors of Dun%fold Airport Limited. a con%olidated %ubsidiary. continued lo carefully review the valuation of
the Aijfield aiid Bu%ine8% Park during 2024. in particular ¢on%idering the remediation work and other infra.%tructure
activities in progres5 lo fulfil planning￿ condition8 attached lo future development of the site. Accordingly, the
valualion of the site ha% been revalued al £120.4m al year end (2023.. £108.3m). In considering the valuation of the
site. Ihe directors have had regyard to the valuation provided by its advi8or%. The director% note the inherent level of
uncertainty surrounding assumplion% and judgemenls included within the valualion. Noting the size of this a%set in
relation to ihe size of overall inveslmenls at the College. the Trustees do not consider this lo have a material inipacl
on the financial statement4.
Stoeks
Stock% are stated at the lower of ¢041 and net reali%able value.
Foreign curreney
Foreign cU￿encY transaction% are recorded at the exchange rate al the time of the transaction. Foreign currency
balances are tran%lated into .slerling al the exchange rate at the balance %heel date. Re.%ulting gFains or lo%ses are
included in the SOFA.
Financial instruments
The College has elecled to adopt Section% I l and 12 of FRS 102 in respect of ihe recognition. 11)ea%uTemenl and
di.4clo4ure of financial in%lrumenl.4. Financtal as%els and liabilitie% are recog?nised when the College become.4 party to
the contractual provision of the instrument and they are classified according, lo the 8ub%lance of the contractual
arrangienient% eniered into.
A financial a%.%el and a financial liability are off%el only when there is a legally enforceable right lo sel off the
recogJni%ed amounts and an intention either lo letile on a nel ba%i.%. or lo realise the asset and settle the liability
simultaneously.
Ba%ic financial asset% include trade and other receivablets, cash aiid cash equivalent% and inve%lments in comniercial
paper {i.e. depo%il.s and bonds). The.%e a.4.%els are initially recogFllised at transaction prlce unless the arrangement
constilules a finan¢in&' transaction, where the Iran.saclion 1.% inea%ured al the present value of the fulure receipt%
discounted al a inarket rate of inlere%t. Such a%%ets are %ub%equently carried al aii1orti￿d co.4t u%ing the effective
iniere%t rate method. Financial a%%et% are a￿￿e4$ed for indicatorq of impairn]enl at each repofling dale. If Iliere is
objective evidence of impairnient. an inipainnenl los% 1.% recognised in the Statement of Comprehen.4ive Income and
Expenditure.
For financial a%%et% carried al amorti%ed co%1 the impainnenl lo%s 1% the difference between the carrying ainount of the
assel and the present value of the estiiiiated lutur¢ cash flows. discounted at the asset"s original effective interest rate.
Other financial assets, including inveslnient% in equity instrument%. whicli are not %ubsidiaries or joini venture%. are
initially mea%ured al fair value which 14 lypically the transaction price. Tliese a.%.4els are sub%equenily carried at fair
value and changes in fair value at Ihe reporting dale are recognised in the Statenienl of Comprehensive Inconie and
Expenditure. Where the inve.%tment in equity illslrunienl% is not publicly traded and where the fair value cannot be
reliably mea.%ured, the as%et4 are nieasured al Cost les% impairnienl. Inve%ttnenl% in property or other physical a%sels
do not constituie a financial instrument and are not included.
22

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
. STATEMENT OF ACCOUIYTING POLICIES (continued)
Financial assel.% are de-recognised wheii Ilie contractual ri&Fhis to Ihe cash flow% froni the a.%sel expire or are .%etiled or
.4ubstanlially all of the risk.4 and rewards of ownership are transfe￿ed lo anoiher party.
Finiincicil Liiibilili(>s'
Basic financial liabilities include Irade and other payable%. bank loans and intergroup loan%. These liabilitie% are
initially recognised at trdn%aclion price unles% the arranLJem¢nt constitute.s a financing Iran%aclion, where the debt
illslrumenl 1.% nieasured ai Ihe pre￿1 value of the future payment% di.%counted at a market rale of intere.%l. Debt
instrumen1.4 are subsequently carried at amorti%ed co%1 u%ing the effective intere.41 rate rneihod.
Fees paid on the e%labli4hmenl of loan facilities are recognised as transaction costs of the loan to the extent that il i
probable thai .%ome or all of the facility will be drawn down.
Trade payable% are obligation.s to pay for good% or services that have been acquired in Ihe ordinary Cour￿ of busine.s.
from supplieTh. Accounts payable are cla%%ified as cu￿ent liabilities if payment is due wiihin one year or le%5. If not.
they are presenied a4 non-currenl liabilitte%. Trade payables are recognised initially ai transaction price and
ubsequenily mea%ured at amorti%ed cost u%ing the effeclive intere41 rale method.
Derivalive%. including fonvard foreigyn exchangFe contracts. are not ba.sic financial insirument%. Derivatives are
initially recogvni%ed at fair value on the date the derivative contract is entered into and are sub.%equenily re-nieasured
at their fair value at the reportiiigy date. Changies in the fair value of derivatives are recognised in the Statenienl of
Comprehensive Income and Expenditure in finance co%15 or finance income a% appropriate. unle%s they are included
in a hedging arrangement.
To the exlenl that the College enter% into fonvard foreign e.Kchange contracts whtch remain unsettled ai the reporting,
dale the fair value of the conlrdcl% is reviewed at ihat dale. The initial fair value 1% niea%ured as the Iransaciion price
on the date of inception of the conlracl%. Subsequent valuations are considered on the basi% of the fonvard rate% for
Iho%e ui)%eiiled conlracl% al the reportinb, dale. Tl)e Colleg?e does not apply any hed¥e accouiiting in respect of fonvard
foreign exchangFe conlracl% held lo niaiiagye cash flow exposures of foreca%1 Iran%action.% denominated in foreign
currencie.%.
Financial liabilities are de-recognised when the liability 1% dischargFed, cancelled, or expire.%.
Taxation
The CollegFe 1.% a regyi¥lered charity and accordingly, the College is potentially exempl froni laxalion in re%pect of
income and capilal gain.s.
The CollegFe receive% no %iniilar exemption in retspecl of Value Added Tax. Irrecoverable V AT on inputs is included
in the costs of such inputs. Any I￿eCoVerable V AT allocated to fixed assels is included in their cost.
The CollegFe's liinited company subsidiaries are liable lo Corporaiion Tak in the saine way as any other comimercial
organisalion.
Related party transactions
The Group di.%closes transactions with related parties. Where appropriate. tran%action4 of a %imilar nature are
aggregated unles5, in the opinion of the Trustees. separate disclo4ure is neces%ary to undersland the effect of the
tran.%aclions on the financial statements.
23

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUIYE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
I. STATEMENT OF ACCOUNTING POLICIES (continued)
Critical accounting judgements and estimation uncertainty
The Group make% e%liniale4 and a%%umplions concen)ing the fulure. The resuliingi accountin¥ estimates will, by
definilion, %eldoin equal the actual re.4ulis. Estiniate.s and judgement% are continually evaluated and are based on
hi%lorical experience and other factor%, including expeclatioiis of future events that are believed lo be reasonable under
the circum%tance4.
The main area where assumption5 estimates and the exercise of .judgemenl occurs is Ihe fair value of investment
properties. The College engagyes independent valuation specialists lo detemine fair value on the balaiice %heet date.
The valuation is based on assumptions about market and economic eondilions as well as estimated yields and long-
lem) vacancy rates. The valuation of the College s invesliment property is inherently subjective but the trnstee.s are
satisfied on reviewingy the valuation tlial the a.4sumption.s u.%ed are appropriate.
The College carries ils non-quoted inve%linenls at fair value based on the most recenl valuations provided by a fund
nianager independent of the College with changFe% in fair value being recognised through the Statement of financial
activili¢s.
The cost of the Colle(ie s defined benefil pension plan is deterinined using an actuarial valuaiion. The acluarial
valuation involve.4 iiiaking as%umplions about discount rates. fulure salary increase%, mortality rates and future pension
increase%. Due to the complexity of the valuation. the underlyingy assumption% and the long-term nature of Ihe.%e plan.s.
such eslimale¥ are %ubject to %igFnificanl uncertainly. Further deiails are gyiven in note 15.
All other accounting judgemenis and estimate% are detailed under the appropriate accounting policy.
24

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUIYE 2024
(continued)
ry0•4
ToThl
£'ooo
5,759
75418
657
14J34
2023
Total
5.502
7,516
157
13,175
Rèlidenee tA¢tMy,
COWGt
Fee Income p•id on bthalf of ￿der￿adUateS at the pubhety-fundedurAdewathJ•tt Tate per capitafee
£4.566 Q023- £4.612)
•,141
Trii"atety-fiJndtd Uttdtwath￿It rte income, per capita fee £15,901, 4bur5ary of £7,155 (mati1¢ 2019 ot
btfoTt). £6:360 (m*tsi¢ 2020) or £5,565 (matiic 2021 and later) is •pphed to tachfee (2023, £14,615: a burs
of £6.57,, (Ji)Atiie 2019 OTbefore). £5.g46 (tyatric 2020) or £5,115 (matiic 2021 andtsteT) is applied to eaehfee)
Fee incotht ttetii'edat the gTrthMtefee fate (percapts fee £5.126 Q023: £4.7g3))
•,439
1,998
1,179
1,1ry4
3. L¥ITSTIIThT LNCDYE
2023
Toi41
Tgt
£￿00
PTopety- College
Propety. Sub5idiuies
Eqimtses
Bankinterest
41.118
19J2-,
15.934
854
77,153
40,009
18,6ry7
In¢hdedin ini'estment itieoJnefoT 2024 amoty)t$ of £12m bankiDtertst and £0.7m retst wltich shoum have been Tecogrmsed irA 2023.
These amoutkt5 are not considtftd that￿la] forapxiory¢ara4bustr)ent.
4. Lyc0￿ FROM OTHER TRADINGACrnThES
Total
Totsl
218
S. ESTATES ThITSTMLNI ￿LiN,￿{￿￿ENT COSTS
•044
2023
Total
£'ooo
i•,o•o
95165
Coltege costs
Subsith"*ses costs
10,610
9,440
25

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
Wages •Y40
2023
Totsl
R8sideLe* aJd¢atuing
Ttac*.
Rest￿￿
Scholuslbps *tsl*w•xds
9.193
4J31
1265
9.125
18Jl8
17524
17.076
3.058
8.023
1,576
1.163
1,817
2.482
8117
8J19
8,319
11,556
23_101
21205
55169
53,150
InEbJdtdinthe allocalsor$￿lthIll the first 3 aboiy categori¢s *Yrt £391K Q023." £463K) of Bolemancecosts.
Of1￿dD￿lI0A$ Is ofv11rntr5.
Isaa¢ NeFton TDJst
1.950
CoXe8es
53J
S34
cow￿ld￿t Collryts TeaclMDg
Camtsid8t
167
511
19
nheuti1krerntye￿OknJ1i0ul$ ASStssedbythtUnii'usity otCaaQ4id8è itt ￿￿ord*￿t *ithth¢pMysioT&S 4rfStatute Gll ottheUThvttsdy's Stthttts
ond OKOU)￿CeS. The athourd payabltbytht Collt8¢ fo¢tht y¢artnded 30 June 2024is £3.871,Lth) Q023.. £3258.
8. hTT L¥CO
?023
92
59
412
413
1.038
26

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
9. STAYF iThuf*lBEKS AND COSTS
Tht average ouiJber vt pers¢)m5 (uKbJth¥ the Tru51ee5) emptsyed by the Colege thr year. H'a5: fj69 (2023.. 044
The Cl￿¢5 a55OCtated wthh these wloyees was:
2023
Vasts 2nd salarie$
Slicial secur&tV Costs
c05ts - dehied Lothbyion en￿Oyer CD515
Pen5iOll Costs - defmed beuetit sch¢me 5ernryce c05t
15,028
1.571
983
1.817
19.399
.D3J
the yeat £19k paid as pasYAents of ll.lich £iOk lieu of nthice 3Y¥l £9k ￿aS as stllttjwrti (2023.. £1?8L paid
of B,hicb £1O8k. ￿'aS as selllerttents and £20k upas in lieu of tithite). TheJe were YAO atnouDts for pas)DeDt at tbe ettd of the veaT
{2023'. ra).
Trnstees
the year no fee$ ¢1 exp¢￿SeS paxl to Fenows ￿ iespect of ¢knties 3$ Tzu5tees (2023: oont).
Payments io Tntstee5 nude undtt of and ID accordance the Ststths of the Qllege. ID resped of ieacFffl& researcb and
2024
£itsoo
2023
Agstegatt
?Lry
597
73
47
044
The ujmbef of College Feloll's staff excSJthtig peri￿￿ exceeded £60,1￿ wa5 a5 folloTh&
2024
2023
£00.0￿. £69.999
£70.CW - £79999
£80.tW. £89999
£90.C￿. £99.YJ9
£i(Kt.IKK)- £109.999
£I10.IK)0- £119.999
£120.1th- £129.999
£13QLKKI- £139.939
£140.11)0- £149,999
£150.(K)0- £159,999
li
ij
10
39
35
Retrement benefits are atcrury￿ to 21 (2023." 21) of & aknve urJdeE a defff￿ ber¢fr seh¢me.
n* total pen5i(o costs of these Fe1kn4s arAI #aff am(rfxrts 10 £261995 (2023.. £201.912).
The College CODs*kns that the TTU5ttts of the C(lege represettt the Key MaDagetlleJ* of the Collegt.
Not ffjcknlDig amouxs re-Mnbw5ed for research expense& other eTpenses re-tinbwsed to 4 tn￿ {2023: 2 trustee) aIrK￿MIed to Q072
2024 (2023: £597).
27

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
10. FIXEDASSETS
10.1 ThI'ESTMLSTS
CoDsollOat
2024
cony0lid￿ed
2023
£'ooo
2,036270
32,785
(12.599)
176 434
College
2024
Colle8e
2023
Mrketth at l July
22J2090
83017
(57.219)
200
2,076,495
72.600
(93.289)
212 073
1.898,783
42,807
{10,583)
145.488
2.076.495
DÉspo¥•ls
Net 8ains(Ios5es)
m*ket￿lUe ut 30
CoD501M•¢ed
2024
Cousolithted
2023
Coll
2024
ColkBe
2023
Rerntedby..
RestderitÉalproperty
Equitles
Ull1É5ted equityinyestmellts
1.147W4
31976
1219,420
34980
2(190
1,136.10S
39,750
971,936
32,062
53.037
9110P65
31976
1319,420
879.781
39.750
971936
26.IXI
89929
67
53.037
stttJent¥ Én th1dlarywL￿1f&&Enls {Se2note 18)
076.495
Lisld ryuties are￿I￿lbYrerere￿e to the closiDB price at theikn 5heetdRte. Unlisted 1llve5tn￿tS informatiLYLW￿dtythe
tej arewlued allnu￿1¥￿Yt￿e Tnjstets bwAI ou e5tiwAted m#Tketirylueson acontim]¥nBweb&sis ¥ftwtskingzthice from • thirdpty.
Cortimitmettts to priwte equityfjthth with1nthÈu￿1stea ID¥Est￿t￿)rfo110 •[ty)￿ted to £5Ckn at the e￿1 (2023". £1&7ty).
102 OPERATIOI¥ALASSE18
CoDsolld#ted *Dd con￿]￿d￿ted
Colle8e
Colle8e
2024
Freehold #od Freknld L4nd
Buildii85
C05t
At beBMairg of yar*klat elldof IUT
twrec.l#llott
At be8iDlliD8 of year
Cknge for theY￿r
At endof ye4r
11.031
412
10,618
413
,)et Book1-￿*t
Al endofyeAr
9602
AtiwiDDinB of ye4r
li.ST(￿K
CoLsoJfith¢ed
2024
£.￿0
CotrJsolid&tthl
2023
College
2024
College
2023
1.896
369
1.896
CTQPS atsd ¥eed¥
287
28

TRINITY COLLEGE, CAMBRIDGE
ANIYUAL REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
Colle8e
Amount5 0￿edbY subsidiaryuDdtrtakm8s
(hhef debtors
23M7
968
134
23.775
834
thiewithFn•ntst•T
Rrnt5 Tecebi'abje
PTepayryDtnts and aeenwd?Jxom¢
Othu debtOT5
owedty subs1th￿yUDd0rtakngs
Ttsdt dtbtotS
13.368
5,987
15218
4N4
l510
17.342
4)76
2JlO
14,695
iio
15218
41.696
1371
35944
26.612
30.159
98874
53,934
to CAv.Be as •t 30Jw 2024 Q023". £2.310).
3.cItIrfTORS:AMOlTNTSFALiiNGD￿ml1HLI OYE 114R
Colle8e
2023
2023
•0*4
Trade ue4*tW5
Ltiii'trsity Cotsthknttion
Othe¥ ta¥es & social 5tuJity
Other Cftditors
Amounts ow'td to subst¢h￿Urldtrtlkngs
Acenthts attd ddetteditsetimt
4J48
3J71
1fy)3
3.020
4351
3251
2335
1791
3.171
1.574
1,571
io
1.123
3.258
1169
9>5
13.768
9,7lO
25.{￿10
g J73
1gJ84
14. CBIDIToRS:.￿IOLry[s FALLLYC AFTERMORE O.IT ITAR
C(&8e
•0•4
Th¢ £7rkn bHDklp8D 15 split tsarths ot. £)￿.FLIed#lterC$t￿tt 4.97(M%, £20m.FixediAtertstrte 4.9NA•A •nd£lh. FivdxrttrestTrte 5.0704%
W4idw aiFe￿hted￿'￿ F￿¢d*￿tI￿$tIatt rf4.rn. The loattisztpryabl* 29 June 2047.
The f2tkn SeJMcff f*0te$hVebt￿ issued at 4.11% andafe rwat4e 14 May2fN.
29

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
15. PLNSION SCHE)IE LIABILITY
TrAAIt)' College S¢•ff Pen51on Scheme
The College operates a defmed benefit plan: the Trinit%' Colle8e Pettsion
Scheme.
The liabilities of the plan have been calculated for the purposes of FRS102
based on • full I￿VatIon using data extract providedbv Trinity. Colle8e
The prlneipal aetu#rial as$umptions at the balance sheet date iitre as follo￿￿.
2024
2023
Discount rate
Increase in salaries
Retail Price Index (RPI)
Consumer Priee lodex (CPI)
StAff Section pension increases in pasrynent
Fellow's Section pension increases in pa)Inent
5.15
5.20
3.95
3.40
2.75
3.40
2.75
2.70
Slaff section members ve as$wned to reliTe at 63 or immediatelv if thev are oNrr that a8e. Thts Section's nornul retirement
age is 65
FelloMB Sectioll members are assumed to retire at a8e 65 for $eThi¢e to 30 June 2020. This Section's norn￿1 retirement 4e
increases in line B'ith the State Pellsion Age from 2020.
The undeTIK'ing m¢)nalih' assiimption is based upon the statthd table kn0M￿ as S3PA for the Staff Section and S3PA Li8ht
fot the Fellom's Section on a sEar of birth usage w'ith CMI 20*3 imprthemeni factots and a long-tem) rate of fvture
IMpr￿Ement of 1.25Vo ￿￿rn foT males and l.OV• per annum for females uith alld additional improvement of 0.25% per
awium and the stafjdard smoothing factor (20*3.. Same except adopted Cmt *022). This results in the folloMin8 life
expectancies:
The average life expectancv in years of a pellsioner retirin8 at a8e 65 on the ballnce sheet date is as folloHs.'
2024
21.6
22.9
24.0
24.4
Male.. Staff
Male.. FelloH's
Female.. Siaff
Female: Felloii
22.9
23.9
24.4
The average life expeetanev in l'ears of 2 pensioner retirin8 at age 65, tsiEDh' l'ears after the balance sheet date is as follo￿￿.
2024
20?3
Male". Staff
Male: Fellom
Female.. Staff
Female.. FellO￿'S
22.9
22.9
24.1
25.0
25.5
24.1
25.1
Allovwiee hag been mAde at retirement for 750/* of all n¢n-retired members lo commute part of their pengion for a M￿lMuM
total lump sum on the basig of the eurnt commutation factors ill these calculations.
30

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
AJ. PE)SIOI SCHEIIE LIABILITY (cONyD*L￿D)
The •mouuts I'ecognlsed ID tbe balance sheet Is at 30 June *iT as folloms:
2024
2023
£000'5
£OOO's
74977
66.770
(62,878) (61.649)
(12,099)
(5,121)
arket value of Scheme assets
Present of Scheme liabilities
Effect of asset eeiling wtreco8Dised sury)lus
Defi¢il in the Scheme
Ami1)￿15 of the amount to be i'eco8nised Ill the consolldated Statement of FlnAncl*l ActAI'itles".
2024
£OOO's
962
2023
£OOO's
Current seThryee cost
Athninistratiir expenses
teresl on net defined benefil (4$8el) li8bility-
1.599
218
173
(261)
874
140
1,957
ChAD8e5 In tbt present )'*lve ol ¢be scheme IlibAlltles foi. tbe ieai. ende4130 June
*re is follo￿-s.
2024
2023
£OOO's
£000'5
68,701
1,599
541
2,605
(9,346)
(2.451)
Present ￿lue of scheme li4bilitie$ At be8imiing of vear
CuffeDt seTriee cost
Emploiee Cootributions
Interest cost
Actuarial (gain5) losses
Benefjts paid
Loss on plan changes
Present i?lue of scheme liabilAties al end of ve8r
61,649
962
539
3,156
(3.436)
62,878
61.649
Cballges Ill tbe tali. i*lue of scbeme issets foi. tbe )'e*i' ellded 30 Jolle Is
follows:
2024
£OOO's
2023
£OOO'$
Present of scheme assets at be8iDnin8 of ve
Contributions paid bv the College
EmploN'ee Contributions
Interest on plan assets
AdminiStrati￿e expenses paid
Rehmi on assets. less itsterest included in SOFA
Benefits patd
Present of scheme assets at end of vear
66.770
1.050
539
65.431
1.038
541
3,417
(307)
6944
(3,436)
74977
2.465
(246)
(8)
(2.451)
66,770
Acbjal return on plkn assets
10061
2.457
31

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
{continued)
IS. PEN￿0) SCHEME LEABLfrYicoiiThiTD)
The M*jC*f ultgtsrles ofsch*me *s$eu Is iptrceAl*8t of tstsl Sekthtassets hrthtYeireAdi
30 Jllpe'•rt x$ follows:
2023
Equities, comowth"ts'ts and alIen￿li￿.1$
Bonds
ope
Cash
103
162
loo
The plan14s J)0 inlesthie￿5 inprop¢tTr ottupedby, asseis us¢dby or6nanridinstAwmtts
issued by the Coll¢ge
c￿Prehe￿Slre ltt¢owe (OCI) forthé I'traremdi￿1 30 JuAe as f•llm:
2023
£I)QO'¥
fj944
(J341
88
ReDJm on asSrts.l¢ss itherestinckndedin of FtiiwKial.4¢kn*¢s
E￿eCTedle$S aetttralpkn tApenses
Fxp*ience 8ains at)dl¢ss*s arising onpkn habthtits
ChJn8es in assumptions undeslim8 thepreS￿ ofpkn bthlties
Rtheasurtment defffjedbeneth hatth%'ttco*tisedtii
L5_763
2023
'ei de&i¢db¢tstfit ustt'(knabAThty) ¥ bewh8 ofyt
RecLigMsedin Staiemem of F￿￿111 Actsiiiies
Contiibuti￿s g•id ty the Coae8e
Remuswtmerti of nrt dtfmed benefit liaE•lrtvY¢¢•gasediTh OCI
>4tt deflliedbenefil •sse¢'(l•W)at end ofy
(3270)
1874)
1.050
1,038
5.121
Actiw1￿ i'lkniions ￿ ¢*ried out ei'u) tIKee }¢*￿ ortbeh￿Or the Tnulees of theF￿ b). a
drtttent to those adopted und¢rFRSIO2.
The last suth actiwial I'aluation*'ts Is at l Juty 2021. TTros shotsedthat the plan's as¥tls Thyre
sthie*t io coi.er the habthiies 4mtht fixb¢kn8 basis.No d¢fie4tredwtion conthkniti￿s Ire
thv¢foTr Y•qutred ts btpiid ty th¢ Co11¢it.
I'iryÉR MA1* pe*slon case
The Collt8e is Of the I'ysin Nle<kai'ANIL Pension T￿￿tee$ Ltrth¢tdCourt of Apptaliudgethenl ￿1￿Ch￿lY ￿'e iise to alusknents io tht
sc1￿Me. Af present theleylpmcess is #￿0￿￿)1¢t* andthue are￿ anywen11￿ lithltses.
32

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
16. RECONCILL4TION OF DEBT
2024
2023
£'ooo
30,696
At St*it of Yexi.:
Cash al bank attd in hand
Money matkel fimds
Bank Lw$
90W)
(90.000)
Net Debi
(2JyJ)
(21.033)
Nel (deere4se) i increase sn c&sh in period
Movement in nel debt
(4OJ62)
(40J62)
18,674
18,674
At emd of Iht )'*ii':
Cash al bw]k and in l￿d
Money m&tket
Bank Loan$
Net Debt
21,090
26,189
(90.000)
(42.721)
34.604
53,037
(90.000)
{2,359)
17. RELATMPARTY TAL￿NSAC￿N$
the yearfjo f•es ￿ ewse$*enpaidtoFethiws itiTrsptct of thEirthdiE5 as T￿￿te¢S.PO2j.. d)
Collt81. ID tE5Pe¢t of teaclM¥ •nd4&MrthSt￿l￿"e thths aMout)trdto £7¥1￿ [￿5.. £717.iKK)).
£1. £IDA
£IO.Wl- £201
£NL))1. £30M
£6IJIW£70.(
£IIO.(Ql-£120.tK4J
£130.￿l_£I4o.c0)
£140.th)1-£150.t
The Colltgt opetates afeknslwu5wglpan srlwme. Atthtyear t￿1th￿t were ahNnmts oryto thtCth8•tl¥•th* sc1M*tty2Ttt￿t￿5ll￿1j.. 3)
wrtbthe totat *xou*Mtdbo#i8£147.25D (2023.. £1￿.
Tkn4¥theyt¥the Cowes￿de aé%JDatioA•f£2.5m to thÈCamEdid8e T￿￿[ iTrlttedp¥tykn to 4 COMMOD tfPJSt¢e.
IknK¥theyearthe CollegeathwKedmordts to eatiinofits subsidiarits *diéca%*ed8(i *d andthstfruth its s￿%*￿10¢$. •JKAY*Tecwd¢d •5
2023
2023
C•ll*8e
to College
rill¥ty(B)14ritsd
TikntyC¢thgv(CSP) L•¥t¢d
Tikyty(Dj￿r￿1ea
r¥¥ty(F) L4#1od
6,170
1125
6201
2m8
171
4fi13
1,328
103
1•5
103
LknrfoldAllportt&i¥ted
Ti*xty iE)l*Httd
2015
2279
24.219
33

TRIIYITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
A& SLYSMARY COMPAMLS
TJDyty (B) L*xitèd
Ti¥ytyColleBe (CSP) L•Aed
TIiDityO)) Li#btÈd
Tiwuty(F)LtiYated
Fatydti
IknsfoldA#pvrt￿lttd
(E) i•J¥ted
TiwMtyPEL4wtedP*ts)eKsTrdp
All of tht xbo4'e coJAparrie5 l*Yt a yw8nd or30J￿￿.
The TN5tees bekn'•that the c¥ryiti8 i•bJe oftheinve51ment5 is 455ets.
TiTrMtyPE
Till¥ty{C3F) D￿&foldA#pDrt Tixiity(D)
Ltd
lirnited
3393539
7842465
43465C
LP023207
TrtatAs&•ts
27Afj9
5267
402
129.936
27.163
101773
[117
6259
95,O)5
1.573
93.432
3359
51
31752
T0tslF￿ds
36.530
214
TuvkOi"tEfotthe y
E￿end1b￿ttottheYear
4,147
4.059
(7.765)
541
(257)
(1225)
' Oos5es) oAin%eslTheots
(115
Afterth¢ on 30July2024the Collese S•curndath1tith￿ £lthibowov4fmm witalfftathts ￿ theforn rfaX+ywpiiate
Pkn￿t bottd*ith4 w4Jonof1.92y•Pkn£￿ ThEfilla•w%tV•*S ￿eSted¥￿the ColeB¥5 eqlatyp￿kn.
34

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
2123
I￿5￿0s￿*S)
04m1￿$s¢s)
161J3Q
27.126
18gJ56
1,336
3,410
1022323
165.79
2￿￿.7B1
3217
11,
6319
2.792
7&J15
44rt50
71 J19
77.17B
15329
iJJJi
87597
2.41•&lJ
1022
b.et￿%.85t￿ellt
Tm5fws
15'09sHs1 betw¢￿A￿ts (Los%es1
B•kn*30
IM$2?6
(736
16479
IW4767
44J•8
41?2B
63W5
9921
1.697
71,119
4.141
6.716
921
{1215)
4V
7JJJ9
75J74
OJ47)
4325
IJ85AI8
1•.)74
111,7S4
2J91.7
6.1&5
iijiry)
11,497)
ijio
1.497
li￿)
P73)
133OJ4
30
35

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
1•23n4
Netir*restsAiot
TTrDsfers
16$,
27J26
196034
7.169
?1￿
77.471
57.14
li
6,219
8.356
4U56
.193
(53.514}
69.1
J139P94
1•,074
h'•t￿YeStslenf
FrdDsfw5
gaii>'Q0s5esl O*n>Tross•sl
l J53J61
1SV91
1,703W:
6.736
131OJI
ImiJ2
16S.7V_
Resti1￿e&
4.141
2￿)1
61171
4716
921
214)
55hiO
44NS0
IN7
71747
11.347)
IJI63A55
9L?96
150.788
36

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
22. YLThI>SANALYSED BY PRIMARY PL"IIPOSE
B*l•ll¢e it 30 Jutse 2024
Bill￿¢* *1 30 J*•e 2023
EndoTh)nents
Restrfftcted Desigllated
£'OOD
£'o¢)o
62.127
EIt￿NinentS Reslricted Desi8#aled
Buildi48S
A￿ardS $ludeotshtps
18J60
92.656
5,298
45.448
8,956
13.784
4.994
438
5,108
1,793
196,835
36
48.377
4.235
16.350
16,292
77.778
4.420
37,988
7.48$
11.521
4.174
30,199
4.668
3.978
37.155
3.418
12,513
1.077
297
337
287
566
9.593
99
15
476
77.478
301
242
587
7.934
35
74
Ltbrny
Other etheatio
Beneyoleat
ArtWkdmvsic
327
206
366
4,269
1,499
165.792
157
566
449
422
367
SS.410
416
71.828
44,456
BuildinBS fimds are for the wkeep ￿￿￿elopMent of the College FYopertie$
Amwdy and Jtudelltslkip gre foT makin8 PLWpaYitt8 rnainten8nce or fiJxdin8 fees for stthts de￿ding on their CiTCUTllSt4llce$
Prizes fimd5 are for n)akiu8 prizes for academic or other $ueeesses to students
Research are funds a￿ for &￿'4rdIn8 research 8r￿ts to Students or felloTh7 8enerallY ill specifie sthject 4regs
Librw fwjds are for the * of the libr8r¥' athl for buvin8 books
Other edueation art fimds for teaebin8 or for externalprojecrs to broadth the access to universitv
Ben&vlenl ve for benevolent Purposes At the discretion of the Colle8e Council
Art attd music fullds are for ￿lstiC or music•1 actisryties 8enera]Iv for sbthts inc]￿Jing for the choir
Sports are for student sporti￿9 activities
Oth& fullts att to fuod a wietv of otl*r Colle8e ￿t￿tIeS
23. LNALYSIS OF CON¥OLIDATED &4LLNCE SHEET BY
Coryornte
Orher
elldowiDent end￿71}e#l$ kestricted Desi8TJated
£'ooo
£'ooo
76,978
500
30 Jmat 2024
GeDeral
TOTAL
£'ooo
2,469,580
21,090
39,153
(27210)
(90,000)
FixedAssets
C&8h at bank
Other ernt a*set3
CTeditOTS due within otse vear
Creditors due in more than oue year
Pension $¢1￿me Itabilitv
2,112.223
196.835
71.328
5¢)0
12,216
20.090
39,153
(27,210)
(90.OW)
2.0?2.223
196.835
71.828
77,478
44.249
2,412.613
Cojporate
end0￿￿nettt enknwineDt5 Restrieted Desiwted
£'ooo
£'ouo
£'ooo
1,944,989
54,410
30 1•De 2023
TOTAL
£OC41
£'ooo
Fixed Assets
Ca5hat b4nk
Othercurremt assets
Creditors *'ithin one v
Creditors more than one year
Pa)sioll seheme liabilitv
165,792
43,456
1.000
33.845
32.604
2.242,49?
34.604
29,710
(25,040)
{90.000)
(25.040)
{90.000)
1,854.989
165,792
$5,410
44.456
71,119
2.191,766
37

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
AIDITALUI FLryTS CO.NSOLItL4IID •ilJ• n4
TTrn5ftKs
841￿,(￿)$$ts) g•m5,￿sseS)
*O¥J
•024
B￿]d￿l￿&
A￿'ar&S sttsdwt5knps
16292
77.778
4.420
37911
7,485
IlJ21
4.174
i&
91656
3J17
¢71
43.441
8956
13.784
1.471
431
839
5.101
1.793
1.4
1rf4792
196035
B*t*mt¥ xtjo
i55,'(kn55e$)
trrttweeDlknds s￿$￿00$$t5) Jmne 24
37.155
3.418
11513
1.077
9.271
112
4.773
1711
48.377
4335
16J50
1282
327
Pjizes
Resta￿￿
1.109
47
196
02
157
422
21
39
IJ6
41
53
25
107
449
55,410
11.080
ry J9
8J36
9.6•1
71*•8
B*l%nc• at JO
btlwtèttfunds £•¥￿,0￿5$es) I*￿ _4
3QiP)
31.161
61127
3971
1.174
zts
301
242
587
Y2
10
337
287
35
151
26
1027
41
9.593
Art
35
74
416
ioi
163
15
476
41456
1,511
3.410
30lJ13
77.478
38

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
(continued)
24.2 DETAILED FblT)S CONSOLIDATED 2022Q3
TTarsfers
between
JO J4*e
2022
Other
Gainsi(Losses)
30
f4ins'(los$e$)
2023
£:000
Buildin8S
A￿vdS attd studentships
Prtzes
Research
15,558
70.763
3_984
33.173
6,964
10.719
3,623
340
734
4,173
298
2.483
521
802
ssl
16.292
77,778
4,420
37988
7,485
11.521
4,174
366
4.269
1.499
2,842
138
2,332
(Xler etheation
Art and music
Sports
3,972
1,394
297
ios
150.491
5012
9989
165.792
B•l•Dcf •1
Net
Tran$feTS
Other
Qains-'(Losses)
Bal•wce *(
30 JuDe
2023
Bainw(losses)
2021
Resii'kttd
Buildittgs
Awards Al￿ sthjdelltgbips
27.437
3,123
11.389
986
8.557
138
3,117
68
5.817
168
{1.539)
57
37.IS5
3,418
12.513
1,077
297
Rese4rcFL
Liknry
Other ethation
Bene&DleDt
Art atsdmusie
1.050
158
611
617
68
166
36
53
IS
4$
31
151
12
(i)
87
37
157
422
367
Sports
417
334
13
21
22
18
44,128
9?28
4.148
6.716
(1215)
55.410
Balance it
30 J#¥e
2022
Net
TTaJ]sfers
beth.ee
B*l*ll¢e It
30 Jllxe
2023
8aitisl(lo$ses)
Gains'(Lossts)
£'ooo
D¢sl8n•ttd
Buildings
A*xtrds studentsbip$
27,888
5,077
2,311
250
30.199
4,668
1.149
1.861
51
Researeb
Librny
Other ethcation
Benevolent
Art 2nd nJll&ie
317
225
680
7,259
63
27
27
301
125
288
70
587
,934
35
72
741
299
329
47
28
74
391
17
36
416
41928
1.697
2.652
921
2A61
44.456
39

TRINITY COLLEGE, CAMBRIDGE
ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR
ENDED 30 JUNE 2023
Goneral Fun(k Designated
Note (iknrcstricted)
Fund5
£IIIIO's
Re5tricled
Fund5
21123
TotAI
Fun(
£O¢JO's
£OIIV's
£Un(J'5
uiid eitdoiiiwienl&froiii
D()nali()ns and l¥gaLie.s
Chutilahlt aLlivilic
5115
403
5.797
5.312
13.172
177
13.175
218
(Jlier irading aLlivilies
Ii)vesi1￿'nl%
TOTAL INCOME
33
65.(135
78.889
4.1?3
9,Y28
6,736
12.048
77.153
1112.562
I,fiY7
E.Yp*iidiliire oil
Ruibing lund%
Loan intere41
1.393
1.393
4,-39?
211.017
Esiatts aiid InvesliiL'ni ManogeiiK'ni L()s1%
38
211.1150
25,760
25.727
cn.fi ftfcliuriiuble &ciiiiiii*s
46,f>55
2.613
3.88?
53.150
her E.rpeiidilure
UIiii'Lpiily i(iiilribuli()n under Siaiull Gil
TOTAL L￿P￿lDITURE
2.Y92
9*7
75,3 74
2,652
4,148
82.174
NEf INco￿lE/1£¥P￿￿sE)
3,515
{1155)
5.7&11
12.lJ48
2(1.389
NLI RLali%td ins 1)n 1iivesltrn.nl A.%SLI
3.(}X6
2.73
183
5.31x1
176.435
NLI Un￿d]Is￿d gJin.4111ii%.%t'% l 011 InvLtslirn'Jil A4sels
Y21
172.783
NEf INcO￿lE/ Tr￿P￿Tr4DITuRE B Tr%ORE
TRANSFFJiS
4.646
1.13)
12,496
185.014
2112.123
Trdn%lits bL'IwLL'n lund
211
11.3471
NEf INCo￿lE/ EXPENDITUREAFttR
TRANSFFRS
3.299
11.281
185.ll14
2112.123
ALiuarkil &i114liL()%%e.% l (11) dLlii)trd bLneltl
pL'n4ioii %¥heirn'
16
4.225
4.125
iyEr ￿K)1'EM￿]NTs IN FUP4DS
11,281
IXS,Ill4
2116.148
T()121 luiid¥ br()uglii r()nvdrd
Total funds carried forwArd
63.595
411)?8
1,8.35.767
1.985,418
2,IYI,766
71.119
2,0211,781
There are no recogni%ed gains or losses other than those di4closed above. All of the above result.s derive from
continuing operation.s.
There is no material difference between the nel incoming resources for the financial years stated above and their
hi4lorical cost equivalents
40